WRITTEN AGREEMENT BETWEEN XXXXX XXXXXX XXXXX AND XXXXXXX XXXXXX
The undersigned, in relation to the Letter of Intent dated March 11, 2000,
signed by Xxxxxxx X. Xxxxxx, as President of World Wide Wireless Communications,
Inc., and Xxxxx Xxxxxx Xxxxx, President of El Salvador Telecom SA, DE C.V. and
through which World Wide Wireless Communications Inc. agreed to pay the sum of
three million five hundred thousand dollars in United States currency, of which
to date World Wide Wireless has paid one million dollars, in exchange for
twenty-five percent of the later company, they agree as follows:
1. The parties mutually voluntarily agree to leave without effect the
relationship set forth in the Letter of Intent, ceasing and terminating it
and in effect extinguishing all rights and obligations set forth in that
document;
2. As a result of the foregoing, if either party has taken positions in
incorporation of World Wide Wireless, Inc or in the books of SALTEL either
party is authorized to make revisions and/or modifications as is necessary
to abide by this agreement;
3. Without prejudice to the foregoing, World Wide Wireless Communications
through its President and Xxxxx Xxxxxx Xxxxx agree that a way to resolve
this recession, is that the World Wide Wireless Communications agrees to
sell and to transfer to Xxxxx Xxxxxx Xxxxx the stock that constitutes the
25 percent of the social capital of SALTEL and the shares that are
registered in the name of World Wide Wireless Communications Inc.
4. Before any of the mentioned events in paragraph two and three occurs, Xxxxx
Xxxxxx Xxxxx will have to pay World Wide Wireless Communications, the
amount of one million dollars, under the following conditions a) within 180
days; at 10% annual interest. Form of Payment: Five hundred thousand
dollars shall be paid within 90 days and an additional five hundred
thousand shall be paid within 180 days, of July 1, 2000. Warranty: These
payments shall be guaranteed by a national financial institution, Argentine
or International with the understanding that this warranty will be
processed in the least amount of time possible without exceeding 30 days.
If there is breach of any of the foregoing obligations, the entire amount
is due immediately.
5. Both parties agree that World Wide Communications, Inc. should have to
announce to the public the contents of this agreement, this announcement
will have to be done in a way that doesn't affect the position and image of
SALTEL or the stockholders. World Wide Communications, Inc. should consult
SALTEL regarding the terms of any announcement.
In good faith, we are signing the present in the city of San Salvador on
July 1, 2000.
WORLD WIDE WIRELESS COMMUNICATIONS
BY XXXXXXX XXXXXX
BY XXXXX XXXXXX XXXXX
